Antrim Energy fails to impress despite reduction in Q1 losses

15th May 2013 13:53

Antrim Energy shares dropped by nearly a third after the AIM-listed exploration and production company revealed its working capital declined sharply in the first quarter of the year - and despite significantly reduces its losses for the period. At the quarter-end the group had a working capital deficit of $4.6m, down from a surpluss of $55.4m in the same period the previous year. Losses for the three months declined from $55.4m to $2.9m. The group said its causeway production rates averaged 3,336 barrel per day. The share price was 31% lower at 7.50p by 14:15 Wednesday. NR